Indian shares opened negative with the NSE Nifty 50 index and the S&P BSE Sensex index shedding 0.3 percent each, due to weak global cues from U.S and Europe.
The NSE Nifty 50 index fell below the 9,500 mark and was trading at 9465 while the Sensex opened below the 31,000 mark.
The advance-decline ratio was skewed in favour of the sellers. 1,020 stocks declined compared to 443 stocks that gained.
Here Are The Stocks Moving The Market This Morning:
CDSL: Big Bang Debut
Shares of the depository services provider began trading at Rs 250 each, above its IPO price of Rs 149 on the NSE. This represents a premium of nearly 68 percent. The stock rose another 7 percent to Rs 268 – its intraday high so far.
InterGlobe Aviation: Extends Decline
Shares of the low-cost carrier fell as much as 5.2 percent intraday, the most since February 01, after it confirmed expressing interest in buying a stake in debt-ridden Air India.
Trading volume was 6.3 times the 20-day average at around 10:00 a.m.
The budget carrier operated by InterGlobe Aviation Ltd. has written to the government that it’s keen to acquire the airline operations of Air India and its budget airline unit Air India Express Ltd., the company said in a filing Thursday. (For more details, click here)
The stock has fallen 5 times in six sessions, losing nearly 6 percent in that period.
Aditya Birla Nuvo: Azim Premji Picks Up Stake
Shares of the financial service provider rose as much as 4 percent to Rs 1,892 after Wipro founder Azim Premji’s investment arm agreed to buy a 2.2 percent stake in Aditya Birla Capital Ltd.
The company issued 4.84 crore equity shares at Rs 145.4 each, according to its exchange filing.
The Relative Strength Index (RSI) was 73, indicating that the stock may be overbought. The stock returned 42 percent so far this year and a gain of 50 percent in the past 52 weeks.
Dr. Reddy’s Laboratories: Receives Form 483
Shares of the drug maker fluctuated between gains and losses, after U.S. drug regulator issued a Form 483 with one observation for its Srikakulam plant.
Earlier this week, brokerage firm Antique Stock Broking initiated coverage on the stock with ‘hold’ rating. It pegged the price target at Rs 2,750.
The stock dropped as much as 0.3 percent before reversing those losses to gain 0.7 percent intraday.
Sun Pharmaceutical: FDA Nod
Shares of the pharmaceutical company rose as much 2.4 percent to Rs 543, after Sun Pharma Taro received a U.S. FDA nod for its anti-inflammatory drug Ibuprofen.
The said drug is used to reduce fever and treatment of pains and inflammation. The stock returned a negative 14 percent so far this year and a loss of 29 percent in the past 52 weeks.
Reliance Industries: Drops For A Third Day
Shares of the Mukesh Ambani-led firm declined 0.7 percent, making it a third session of loss for the oil and gas major.
The company signalled that its three operational wells at the Krishna-Godavari basin block are close to the end of their production, according to a Economic Times report.
RIL is working on extending its life cycle until a time it can replace it with output from new wells, the report said.
Stocks Reacting To Borkerage Ratings:
- Shares of the healthcare provider fell as much as 4.2 percent to Rs 157.45
- Brokerage firm Nomura downgraded its stock rating to 'Hold’ from ‘Buy’ and decreased price target to Rs 177 from Rs 211.
Bank of Baroda
- Shares of the lender rose 1.7 percent to Rs 158.15
- Brokerage firm Nomura upgraded its stock rating to ‘Buy’ from ‘Neutral’, However maintained price target at Rs 200
- Shares of the engine manufacturer fell .06 percent to Rs 902.4
- Brokerage firm Haitong International initiated a coverage on the stock with ‘Sell’ rating and a price target of Rs 705
- Shares of the industrial equipment manufacturer parred its early losses and gained 0.8 percent to Rs 1,453
- Brokerage firm Haitong International put a new ‘Buy’ rating on the stock and set a price target at Rs 1,870